The holidays are upon us and, for many, this means spending quality time with those we love, both physically and virtually. While we give thanks for what we have and begin to look towards the future, now would be a good time to start thinking about estate planning. Securing every aspect of your future is important to protect yourself and your loved ones. There are many different aspects that go into estate planning but a few of the more important things to consider are your will or living trust and power of attorney.
Will:
A will is a useful tool to specify who you wish to receive your possessions after your death. In your will you can also appoint a guardian for any minors in your care, provide for beloved pets, or describe how funeral arrangements and expenses should be handled.
Living Trust:
A living trust is a useful tool that makes it possible to avoid probate by allowing assets to flow into the trust at the time of your death. The trust can also help avoid any guardianship issues should you become incapacitated. A revocable living trust will allow you to change or cancel the trust if needed. You can also establish an irrevocable trust or a special needs trust, depending on your personal circumstances.
Power of Attorney:
There are two different types of power of attorney. First, there is the financial power of attorney. This is someone you appoint to handle financial matters on your behalf if you become incapacitated. Second, there is your health care power of attorney. This is a person you can appoint to make health care decisions on your behalf if you are unable.
It is important to start the estate planning process early so that everything is in order should the unthinkable happen. Contact Horn & Johnsen SC and visit https://hornjohnsen.com/ to learn more. Start the estate planning process today so that you can rest easy knowing your future is secure.
